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Tourism in Laos

Development of the tourism sector in laos from 1995 to 2020.

Tourists per year in Laos

Revenues from tourism

Tourism receipts in Laos per year

All data for Laos in detail

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Statistical Report on Tourism in Laos

Published by: national university of laos.

The Tourism Development Department (TDD), Ministry of Information, Culture and Tourism publishes annually tourism statistics relating to tourist arrivals, foreign exchange earnings from tourism, tourist expenditures, the average length of stay of tourists in Laos as well as tourist profiles, accommodation establishments and occupancy rates. The purpose of this Statistical Report on Tourism is to provide the public with clear information on a important sector of the Lao economy.

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2018 statistical report on tourism in laos, data resource preview - 2018 statistical report on tourism in laos.

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Tourism in Laos 

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Tourism in Laos is big business for the nation. But what is the appeal of this tourist destination and how is tourism managed here? Read on to find out…

Tourism in Laos

Laos, with its serene landscapes and timeless traditions, remains one of Southeast Asia’s most untouched treasures. Nestled amidst rugged mountains and the meandering Mekong River, this country offers a retreat into a world where ancient temples meet natural wonders. In this article, we’ll journey through the diverse attractions and cultural experiences that make tourism in Laos a truly unique and enchanting voyage.

Geography of Laos

Tourism in Laos 

Laos is a landlocked country located in Southeast Asia, bordered by Myanmar to the northwest, China to the northeast, Vietnam to the east, Cambodia to the south, and Thailand to the west. It covers an area of approximately 236,800 square kilometres and has a population of around 7 million people.

The topography of Laos is characterised by high mountains, plateaus, and valleys. The Mekong River, one of the longest rivers in the world, runs through the western and southern parts of the country and serves as a major transportation route. The river valley is home to the majority of Laos’ population and the country’s capital city, Vientiane.

The northern part of Laos is dominated by the Annamite Range, a chain of mountains that forms the border with Vietnam. The highest peak in Laos, Phou Bia, is located in this region. The central part of the country is a plateau, which includes the Plain of Jars, a unique archaeological site where hundreds of large stone jars are scattered across the landscape.

The southern part of Laos is characterised by the Mekong River and its numerous tributaries, which form a vast network of wetlands, forests, and rice fields. This region is home to several national parks, including the Xe Pian National Protected Area and the Dong Phou Vieng National Biodiversity Conservation Area, which are important habitats for a variety of endangered species.

Overall, Laos is a country with diverse and stunning natural landscapes, from rugged mountains to lush river valleys, and is home to a rich cultural heritage that reflects the country’s complex history and ethnic diversity.

The tourism industry in Laos

Laos is a country with great potential for tourism, offering a unique blend of natural beauty, cultural diversity, and historical significance. The tourism industry in Laos has been growing steadily in recent years, with the country receiving around 4.6 million visitors in 2019, compared to 1.8 million in 2010.

One of the main attractions for tourists in Laos is its stunning natural scenery, which includes rugged mountains, cascading waterfalls, and lush forests. The country’s numerous national parks, such as the Nam Ha National Protected Area and the Phou Hin Poun National Biodiversity Conservation Area, offer opportunities for hiking, trekking, and wildlife watching.

Laos also has a rich cultural heritage, with over 100 ethnic groups living in the country, each with their own unique customs, traditions, and beliefs. The country’s many temples, such as the famous Wat Xieng Thong in Luang Prabang, offer visitors a glimpse into Laos’ rich Buddhist history and architecture.

Other popular tourist activities in Laos include river cruises on the Mekong River, visiting traditional handicraft villages, such as the silk weaving village of Vang Vieng, and exploring the country’s historical sites, such as the Plain of Jars.

The tourism industry in Laos is relatively underdeveloped compared to its neighbours, but the government is actively promoting the sector and investing in infrastructure to attract more visitors. However, there are still challenges to be addressed, such as improving transportation links and ensuring sustainable development of tourism activities to protect the country’s natural and cultural resources.

Overall, Laos is a country with great potential for tourism, offering visitors a unique and authentic travel experience that is both enriching and memorable.

Tourism in Laos 

Statistics about tourism in Laos

Here are a few key statistics about tourism in Laos:

  • In 2019, Laos received approximately 4.6 million international tourist arrivals, which was a 9% increase from the previous year.
  • The largest source markets for tourists to Laos in 2019 were Thailand, Vietnam, China, South Korea, and Japan.
  • Tourism contributed around 10% of Laos’ GDP in 2019, generating approximately $861 million in revenue.
  • The tourism industry in Laos employed around 150,000 people in 2019, representing approximately 2.4% of the country’s total employment.
  • The average length of stay for international visitors to Laos was around 8 days in 2019.
  • The most visited destinations in Laos in 2019 were Luang Prabang, Vientiane, and Champasak.
  • The most popular tourist activities in Laos in 2019 were sightseeing and cultural activities, followed by nature and adventure activities.
  • The average daily expenditure of international visitors to Laos was around $125 in 2019.
  • The majority of accommodation options in Laos are budget guesthouses and mid-range hotels, with limited availability of luxury hotels.
  • The government of Laos has set a target of attracting 5 million international visitors annually by 2025, and is investing in infrastructure and tourism development to achieve this goal.

Tourist attractions in Laos 

Laos has a variety of popular tourist attractions, ranging from natural wonders to cultural and historical sites. Here are some of the most popular tourist attractions in Laos:

  • Luang Prabang: This UNESCO World Heritage Site is a charming town located in the northern part of Laos. Luang Prabang is known for its well-preserved architecture, colourful temples, and beautiful natural scenery. The town is also famous for its night market, which offers a wide range of local handicrafts and souvenirs.
  • Vang Vieng: This small town in central Laos is known for its stunning karst mountains and beautiful natural scenery. Visitors to Vang Vieng can enjoy activities such as kayaking, caving, and rock climbing, as well as exploring the town’s many caves and waterfalls.
  • Plain of Jars: This archaeological site is located in the northeastern part of Laos and features hundreds of giant stone jars scattered across the landscape. The jars are believed to have been used in ancient funerary practices, but their true purpose remains a mystery.
  • Wat Phu: This Khmer temple complex is located in the southern part of Laos and dates back to the 5th century. The temple is dedicated to the Hindu god Shiva and features a series of beautiful carvings and sculptures.
  • Mekong River: The Mekong River is one of the most iconic natural landmarks in Laos, and visitors can enjoy boat tours along the river, as well as visiting traditional fishing villages and exploring the many small islands along the way.
  • Kuang Si Falls: This stunning waterfall is located just outside Luang Prabang and features turquoise blue pools that are perfect for swimming. Visitors can also take a short hike to the top of the waterfall for panoramic views of the surrounding landscape.
  • Bolaven Plateau: This highland region in southern Laos is known for its stunning natural scenery, including waterfalls, coffee plantations, and hill tribe villages. Visitors can enjoy hiking, cycling, and motorbike tours through the area.
  • That Luang: This gold-covered Buddhist stupa is one of the most important religious sites in Laos and is located in the capital city of Vientiane. The stupa is believed to contain a relic of the Buddha and is surrounded by a complex of temples and shrines.

These are just a few of the many popular tourist attractions in Laos, which offer visitors a unique and authentic travel experience that is both enriching and memorable.

Tourism in Laos 

Most popular types of tourism in Laos

Laos offers a variety of tourism activities that cater to different interests and preferences. Here are some of the most popular types of tourism in Laos:

  • Cultural tourism: Laos has a rich cultural heritage that is reflected in its numerous temples, historical sites, and traditional festivals. Visitors can explore the ancient capital city of Luang Prabang, which is known for its well-preserved architecture and colourful temples, or visit the Plain of Jars, an archaeological site that features hundreds of giant stone jars scattered across the landscape. Traditional festivals, such as the Boun Bang Fai rocket festival and the Boun That Luang festival, also offer visitors an opportunity to experience the unique culture and traditions of Laos.
  • Nature and adventure tourism: Laos is known for its stunning natural scenery, including lush rainforests, beautiful waterfalls, and scenic rivers. Visitors can enjoy a range of outdoor activities, such as trekking, kayaking, caving, and rock climbing, in places like Vang Vieng, the Bolaven Plateau, and the Nam Ha National Protected Area.
  • Ecotourism: Laos has a wealth of biodiversity and is home to numerous species of flora and fauna, some of which are endangered. Visitors can explore the country’s diverse ecosystems, such as the Nam Et-Phou Louey National Protected Area, and participate in activities such as wildlife spotting, bird watching, and eco-friendly tours.
  • Community-based tourism: Community-based tourism is a growing trend in Laos, as it offers visitors an opportunity to experience the local way of life and support sustainable development in rural communities. Visitors can stay in homestays or guesthouses run by local families, participate in traditional activities such as rice farming and weaving, and learn about local customs and traditions.
  • Spiritual tourism: Buddhism is the dominant religion in Laos, and the country is home to numerous temples and monasteries. Visitors can participate in meditation retreats, attend religious ceremonies, and learn about the Buddhist way of life at places like Wat Phu, That Luang, and the Buddha Park.

These are just a few examples of the types of tourism that are popular in Laos, and visitors can find a range of activities and experiences that suit their interests and preferences.

Economic impacts of tourism in Laos

Tourism is an important sector of the economy in Laos, contributing significantly to the country’s GDP, job creation, and foreign exchange earnings. Here are some of the economic impacts of tourism in Laos:

  • GDP contribution: According to the World Travel and Tourism Council (WTTC), the direct contribution of tourism to Laos’ GDP was 2.2% in 2019. However, when the indirect and induced impacts are taken into account, the total contribution of tourism to GDP was estimated to be around 8.2%.
  • Job creation: Tourism is a major employer in Laos, particularly in the service sector. According to the WTTC, the travel and tourism sector in Laos directly supported 165,000 jobs in 2019, which represents around 2.9% of total employment in the country. When the indirect and induced impacts are considered, tourism is estimated to have supported around 550,000 jobs, or around 9.6% of total employment.
  • Foreign exchange earnings: Tourism is a significant source of foreign exchange earnings for Laos, with international visitors spending money on accommodation, food, transportation, and souvenirs. According to the Ministry of Information, Culture, and Tourism, international tourism receipts in Laos reached $904 million in 2019, representing around 6.3% of total exports.
  • Regional development: Tourism has the potential to support regional development in Laos, particularly in rural areas. Community-based tourism initiatives and homestays, for example, can provide income opportunities for local communities and support the preservation of cultural heritage and the environment.
  • Infrastructure development: The growth of tourism in Laos has also led to the development of infrastructure such as airports, roads, and hotels, which can have positive spillover effects on other sectors of the economy.

However, it’s important to note that tourism can also have negative economic impacts, such as increasing the cost of living for locals, creating wealth disparities, and contributing to environmental degradation if not managed sustainably. Therefore, it’s essential to ensure that tourism development is sustainable and benefits all stakeholders, including local communities and the environment.

Social impacts of tourism in Laos

Tourism can have both positive and negative social impacts on the host communities in Laos. Here are some examples of the social impacts of tourism in Laos:

Positive impacts:

  • Cultural exchange and preservation: Tourism provides an opportunity for visitors to learn about the local culture, traditions, and way of life, and for locals to share their knowledge and experiences. This can help promote cultural exchange and understanding, and also support the preservation of cultural heritage.
  • Job creation and income generation: Tourism can create employment opportunities for locals, particularly in the service sector. This can help to reduce poverty and improve the standard of living in local communities.
  • Community development: Tourism can also contribute to community development, particularly in rural areas, by providing income opportunities and supporting the development of local infrastructure and services such as homestays, restaurants, and transportation.
  • Environmental conservation: Tourism can create incentives for the conservation of natural and cultural resources, particularly when it is designed to promote sustainable tourism practices and responsible tourism behaviour.

Negative impacts:

  • Culture change and erosion: Mass tourism can lead to the commercialization of culture and the erosion of local traditions and customs, as locals may alter their behaviour or traditions to cater to tourist demands.
  • Social inequality: Tourism can create income disparities and wealth gaps between locals and tourism businesses, particularly when multinational corporations or foreign investors dominate the industry.
  • Social problems: Tourism can lead to an increase in social problems, such as crime, drug use, and prostitution, particularly in areas where the industry is poorly regulated.
  • Overcrowding: The high volume of tourists can lead to overcrowding and the degradation of natural and cultural resources, particularly in sensitive ecosystems and heritage sites.

Therefore, it is important to promote sustainable tourism practices and responsible tourism behaviour to mitigate negative social impacts and ensure that tourism benefits all stakeholders, including local communities.

Environmental impacts of tourism in Laos 

Tourism can have significant environmental impacts, both positive and negative, on the host communities and natural ecosystems in Laos. Here are some examples of the environmental impacts of tourism in Laos:

  • Environmental awareness and conservation: Tourism can create incentives for the conservation of natural resources and the protection of wildlife and ecosystems, particularly when it is designed to promote sustainable tourism practices and responsible tourism behaviour.
  • Natural resource management: Tourism in Laos can contribute to better management of natural resources such as water, land, and forests, particularly in areas where tourism is the main economic activity.
  • Conservation financing: Tourism can generate revenues for the conservation of natural and cultural resources, particularly through entry fees, taxes, and donations.
  • Alternative livelihoods: Tourism in Laos can provide alternative livelihood opportunities for local communities, reducing pressures on natural resources, such as fishing or hunting.
  • Pollution: Tourism in Laos can contribute to air, water, and soil pollution, particularly when the infrastructure and services are poorly regulated, and when the waste management systems are inadequate.
  • Resource depletion: Overuse of natural resources such as water, energy, and land can lead to depletion, particularly in areas with high tourist density.
  • Habitat degradation: Tourism in Laos can lead to habitat degradation and fragmentation, particularly when it involves the construction of hotels, roads, and other infrastructure in sensitive ecosystems.
  • Wildlife disturbance: Tourism in Laos can disrupt natural habitats and wildlife, particularly when tourists engage in activities such as wildlife watching or hiking.

Therefore, it is important to promote sustainable tourism practices and responsible tourism behaviour to mitigate negative environmental impacts and ensure that tourism benefits all stakeholders, including local communities and the environment. This can be achieved through measures such as minimising waste, reducing energy consumption, promoting conservation, and supporting local economies.

Tourism in Laos 

FAQ’s for tourism in Laos 

Now that we know a bit more about tourism in Laos, lets finish off this article by answering some of the most frequently asked questions on this topic:

Do I need a visa to enter Laos as a tourist?

Yes, tourists from most countries will need a visa to enter Laos. The cost and length of the visa will depend on the country of origin and the length of stay.

What is the best time to visit Laos?

The best time to visit Laos is between November and February, when the weather is cool and dry. However, this is also the peak tourist season, so expect higher prices and crowds.

Is Laos a safe destination for tourists?

Laos is generally considered a safe destination for tourists. However, tourists should exercise caution, particularly when it comes to petty crime and road safety.

What is the local currency in Laos?

The local currency in Laos is the Lao kip (LAK). However, US dollars and Thai baht are also widely accepted in tourist areas.

What are the must-see tourist attractions in Laos?

Some of the must-see tourist attractions in Laos include Luang Prabang, the Plain of Jars, Vientiane, and the Kuang Si Waterfall.

What are the popular outdoor activities in Laos?

Some of the popular outdoor activities in Laos include trekking, kayaking, caving, and rock climbing.

Is English widely spoken in Laos?

English is not widely spoken in Laos, particularly outside of tourist areas. However, many locals in the tourism industry will have some basic English skills.

What is the local cuisine in Laos?

The local cuisine in Laos is characterised by its use of fresh herbs, vegetables, and spices. Some popular dishes include laap (a spicy meat or fish salad), khao soi (noodles in a coconut curry soup), and sticky rice.

What is the dress code for visiting temples in Laos?

Visitors to temples in Laos should dress modestly, covering their shoulders and knees. It is also customary to remove shoes before entering a temple.

How can I get around in Laos?

Tourists can get around in Laos by bus, tuk-tuk, taxi, or private transportation. Domestic flights and boat trips are also available for longer distances. However, note that road conditions can be poor and traffic can be chaotic, particularly in urban areas.

Tourism in Laos: To conclude

Laos, a hidden jewel of Southeast Asia, weaves together untouched landscapes with deep-rooted traditions. From the serene Mekong riverbanks to ancient temple spires, it offers a retreat into a world less travelled. As interest in tourism in Laos grows, travellers depart with memories of a land where time seems to pause, promising an allure that resonates long after the journey ends.

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Laos Tourism Statistics

Laos la: international tourism: expenditures, view laos's laos la: international tourism: expenditures from 1995 to 2016 in the chart:.

Laos Laos LA: International Tourism: Expenditures

Laos LA: International Tourism: Expenditures: % of Total Imports

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Laos Laos LA: International Tourism: Expenditures: % of Total Imports

Laos LA: International Tourism: Expenditures: for Passenger Transport Items

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Laos LA: International Tourism: Expenditures: for Travel Items

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Laos LA: International Tourism: Number of Arrivals

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Laos LA: International Tourism: Number of Departures

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Laos LA: International Tourism: Receipts

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Laos LA: International Tourism: Receipts: % of Total Exports

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Laos LA: International Tourism: Receipts: for Travel Items

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Statistical Report on Tourism 2020

Home News Lao PDR Statistical Report on Tourism 2020

lao tourism statistics 2019

The Ministry of Information, Culture and Tourism has published the  Statistical report on Tourism Laos   2020 .

The Tourism Development Department (TDD), Ministry of Information, Culture and Tourism publishes annually tourism statistics relating to tourist arrivals, foreign exchange earnings from tourism, tourist expenditures, the average length of stay of tourists in Laos as well as tourist profiles, accommodation establishments and occupancy rates.

The purpose of this Statistical Report on Tourism is to provide the public with clear information on an important sector of the Lao economy.

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The tourism industry in Laos is developing rapidly, with several five-star resorts open or expected to open in the coming years. The major tourist destination is the world heritage site and ancient capital of Luang Prabang, but other areas including Champasak province and Vang Vieng also attract visitors, especially Chinese and Korean tourists.  Tourism’s relative share of GDP averaged 12.5 percent from 2016-1019, before the onset of the COVID-19 global pandemic.  Since Laos reopened its borders to international tourists in April 2022, the industry has seen a slow but steady recovery, buoyed by the new passenger routes on the Lao-China Railway running from Kunming in the PRC to Vientiane in Laos. Since December 2021, the Lao-China Railway has carried over 701,600 passengers between stations inside Laos. Tourism and travel contributions to GDP have not yet been tallied for 2022 or 2023, but over 1.67 million tourists visited Laos between January and June 2023, compared to only one million tourists between January and September 2022.

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Forecasted year-on-year change of ITAs in Laos 2019-2023

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China's Development and the Construction of the Community with a Shared Future for Mankind pp 799–805 Cite as

Visit Laos-China Year 2019 Enhancing Cultural and Economic Cooperation

  • Bouadam Sengkhamkhoutlavong 5  
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Part of the book series: Research Series on the Chinese Dream and China’s Development Path ((RSCDCDP))

The Visit Laos-China Year 2019 was launched on January 25, 2019, in Vientiane, the capital. Laos has announced plans to draw more Chinese tourists to the landlocked country that stands at the heart of the Mekong Region. The Lao Government predicts that there will be over 6.2 million tourists, almost the same with population size, to visit the country in 2020 and its tourism revenue will reach 1 billion U.S. dollars. Based on an analysis of this trend and other developments, it is very likely that Chinese tourist arrivals will account for a bigger share of the Lao tourism market. This is due to the emerging middle class in China. Chinese people are becoming wealthier, and this will enable them to travel around the region, including the Mekong countries. Laos is building a railway from its border with China to the capital Vientiane. Improved land transport connectivity will lead to more Chinese tourists coming to Laos. With the China-proposed Belt and Road Initiative and Laos’ strategy of “turning itself from a land-locked country into a land-linked country” providing constant motive force to trade and economic cooperation, the two countries have carried out a series of fruitful cooperation in mutual connectivity, energy, construction of economic zones, etc. At present, there are considerable potentials for investment between the two countries in agriculture, infrastructure, manufacturing, energy, tourism, etc. The construction and opening to traffic of the China-Laos railway will further promote bilateral cooperation in construction material, service industry, logistics, catering, ecological agriculture, as well as processing, mining, light industry, etc.

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Exports and Poverty Reduction: Oudomxay, Northern La PDR . Mekong Institute Research Working Paper Series 2012 (No. 7/2012) .

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Foster, G. M. (1969). Applied Anthropology. Boston: Little Brown and Company.

JETRO. (2016). Laos Over view. JETRO Vientiane Office , 12–14. Kingkhambang, K. (2012). Impacts of Chinese Investments on Agricultural

Leebouapao, L. (2008). Lao PDR Country Report. H Soesatro, Developing Roadmap toward East Asian Economic Integration, ERIA Research Project Report 2007–1–1 , pp. 117–120.

Phommahaxay, A. (2013). Impact of FDI on Economic Growth of Lao PDR. Mekong Institute Research Working Paper (p. No. 9/2013) .

Seneduangdeth, D. (2014). Local Transformation under Development of Regional Integration: A Case of Savan-SENO Special Economic Zone. PhD Disertation. Vientiane: Sengsouvanh Printing Co.,LTD.

S-NCSEZ. (2013). Special Ecoomic Zone Development and Management in Lao PDR. Vientiane Capital: S-NCSEZ.

Zhigang, J. (2015). Promote One Belt and One Road Initiative with Pragmatic Measures.

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Sengkhamkhoutlavong, B. (2023). Visit Laos-China Year 2019 Enhancing Cultural and Economic Cooperation. In: Wang, L. (eds) China's Development and the Construction of the Community with a Shared Future for Mankind. Research Series on the Chinese Dream and China’s Development Path. Springer, Singapore. https://doi.org/10.1007/978-981-19-7423-6_102

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Laos Tourism Revenues

Tourism revenues in laos increased to 264.50 usd million in 2022 from 0 usd million in 2021. tourism revenues in laos averaged 293.94 usd million from 1993 until 2022, reaching an all time high of 934.70 usd million in 2019 and a record low of 0.00 usd million in 2021. source: bank of the lao pdr,   markets,   gdp,   labour,   prices,   money,   trade,   government,   taxes,   health,   climate.

The Philippines economy in 2024: Stronger for longer?

The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 “National accounts,” Philippine Statistics Authority, January 31, 2024; "Philippine economic updates,” Bangko Sentral ng Pilipinas, November 16, 2023. Should projections hold, the Philippines is expected to, once again, show significant growth in 2024, demonstrating its resilience despite various global economic pressures (Exhibit 1). 2 “Economic forecast 2024,” International Monetary Fund, November 1, 2023; McKinsey analysis.

The growth in the Philippine economy in 2023 was driven by a resumption in commercial activities, public infrastructure spending, and growth in digital financial services. Most sectors grew, with transportation and storage (13 percent), construction (9 percent), and financial services (9 percent), performing the best (Exhibit 2). 3 “National accounts,” Philippine Statistics Authority, January 31, 2024. While the country's trade deficit narrowed in 2023, it remains elevated at $52 billion due to slowing global demand and geopolitical uncertainties. 4 “Highlights of the Philippine export and import statistics,” Philippine Statistics Authority, January 28, 2024. Looking ahead to 2024, the current economic forecast for the Philippines projects a GDP growth of between 5 and 6 percent.

Inflation rates are expected to temper between 3.2 and 3.6 percent in 2024 after ending 2023 at 6.0 percent, above the 2.0 to 4.0 percent target range set by the government. 5 “Nomura downgrades Philippine 2024 growth forecast,” Nomura, September 11, 2023; “IMF raises Philippine growth rate forecast,” International Monetary Fund, July 16, 2023.

For the purposes of this article, most of the statistics used for our analysis have come from a common thread of sources. These include the Central Bank of the Philippines (Bangko Sentral ng Pilipinas); the Department of Energy Philippines; the IT and Business Process Association of the Philippines (IBPAP); and the Philippines Statistics Authority.

The state of the Philippine economy across seven major sectors and themes

In the article, we explore the 2024 outlook for seven key sectors and themes, what may affect each of them in the coming year, and what could potentially unlock continued growth.

Financial services

The recovery of the financial services sector appears on track as year-on-year growth rates stabilize. 6 Philippines Statistics Authority, November 2023; McKinsey in partnership with Oxford Economics, November 2023. In 2024, this sector will likely continue to grow, though at a slower pace of about 5 percent.

Financial inclusion and digitalization are contributing to growth in this sector in 2024, even if new challenges emerge. Various factors are expected to impact this sector:

  • Inclusive finance: Bangko Sentral ng Pilipinas continues to invest in financial inclusion initiatives. For example, basic deposit accounts (BDAs) reached $22 million in 2023 and banking penetration improved, with the proportion of adults with formal bank accounts increasing from 29 percent in 2019 to 56 percent in 2021. 7 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024.
  • Digital adoption: Digital channels are expected to continue to grow, with data showing that 60 percent of adults who have a mobile phone and internet access have done a digital financial transaction. 8 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024. Businesses in this sector, however, will need to remain vigilant in navigating cybersecurity and fraud risks.
  • Unsecured lending growth: Growth in unsecured lending is expected to continue, but at a slower pace than the past two to three years. For example, unsecured retail lending for the banking system alone grew by 27 percent annually from 2020 to 2022. 9 “Loan accounts: As of first quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024; "Global banking pools,” McKinsey, November 2023. Businesses in this field are, however, expected to recalibrate their risk profiling models as segments with high nonperforming loans emerge.
  • High interest rates: Key interest rates are expected to decline in the second half of 2024, creating more accommodating borrowing conditions that could boost wholesale and corporate loans.

Supportive frameworks have a pivotal role to play in unlocking growth in this sector to meet the ever-increasing demand from the financially underserved. For example, financial literacy programs and easier-to-access accounts—such as BDAs—are some measures that can help widen market access to financial services. Continued efforts are being made to build an open finance framework that could serve the needs of the unbanked population, as well as a unified credit scoring mechanism to increase the ability of historically under-financed segments, such as small and medium-sized enterprises (SMEs), to access formal credit. 10 “BSP launches credit scoring model,” Bangko Sentral ng Pilipinas, April 26, 2023.

Energy and Power

The outlook for the energy sector seems positive, with the potential to grow by 7 percent in 2024 as the country focuses on renewable energy generation. 11 McKinsey analysis based on input from industry experts. Currently, stakeholders are focused on increasing energy security, particularly on importing liquefied natural gas (LNG) to meet power plants’ requirements as production in one of the country’s main sources of natural gas, the Malampaya gas field, declines. 12 Myrna M. Velasco, “Malampaya gas field prod’n declines steeply in 2021,” Manila Bulletin , July 9, 2022. High global inflation and the fact that the Philippines is a net fuel importer are impacting electricity prices and the build-out of planned renewable energy projects. Recent regulatory moves to remove foreign ownership limits on exploration, development, and utilization of renewable energy resources could possibly accelerate growth in the country’s energy and power sector. 13 “RA 11659,” Department of Energy Philippines, June 8, 2023.

Gas, renewables, and transmission are potential growth drivers for the sector. Upgrading power grids so that they become more flexible and better able to cope with the intermittent electricity supply that comes with renewables will be critical as the sector pivots toward renewable energy. A recent coal moratorium may position natural gas as a transition fuel—this could stimulate exploration and production investments for new, indigenous natural gas fields, gas pipeline infrastructure, and LNG import terminal projects. 14 Philippine energy plan 2020–2040, Department of Energy Philippines, June 10, 2022; Power development plan 2020–2040 , Department of Energy Philippines, 2021. The increasing momentum of green energy auctions could facilitate the development of renewables at scale, as the country targets 35 percent share of renewables by 2030. 15 Power development plan 2020–2040 , 2022.

Growth in the healthcare industry may slow to 2.8 percent in 2024, while pharmaceuticals manufacturing is expected to rebound with 5.2 percent growth in 2024. 16 McKinsey analysis in partnership with Oxford Economics.

Healthcare demand could grow, although the quality of care may be strained as the health worker shortage is projected to increase over the next five years. 17 McKinsey analysis. The supply-and-demand gap in nursing alone is forecast to reach a shortage of approximately 90,000 nurses by 2028. 18 McKinsey analysis. Another compounding factor straining healthcare is the higher than anticipated benefit utilization and rising healthcare costs, which, while helping to meet people's healthcare budgets, may continue to drive down profitability for health insurers.

Meanwhile, pharmaceutical companies are feeling varying effects of people becoming increasingly health conscious. Consumers are using more over the counter (OTC) medication and placing more beneficial value on organic health products, such as vitamins and supplements made from natural ingredients, which could impact demand for prescription drugs. 19 “Consumer health in the Philippines 2023,” Euromonitor, October 2023.

Businesses operating in this field may end up benefiting from universal healthcare policies. If initiatives are implemented that integrate healthcare systems, rationalize copayments, attract and retain talent, and incentivize investments, they could potentially help to strengthen healthcare provision and quality.

Businesses may also need to navigate an increasingly complex landscape of diverse health needs, digitization, and price controls. Digital and data transformations are being seen to facilitate improvements in healthcare delivery and access, with leading digital health apps getting more than one million downloads. 20 Google Play Store, September 27, 2023. Digitization may create an opportunity to develop healthcare ecosystems that unify touchpoints along the patient journey and provide offline-to-online care, as well as potentially realizing cost efficiencies.

Consumer and retail

Growth in the retail and wholesale trade and consumer goods sectors is projected to remain stable in 2024, at 4 percent and 5 percent, respectively.

Inflation, however, continues to put consumers under pressure. While inflation rates may fall—predicted to reach 4 percent in 2024—commodity prices may still remain elevated in the near term, a top concern for Filipinos. 21 “IMF raises Philippine growth forecast,” July 26, 2023; “Nomura downgrades Philippines 2024 growth forecast,” September 11, 2023. In response to challenging economic conditions, 92 percent of consumers have changed their shopping behaviors, and approximately 50 percent indicate that they are switching brands or retail providers in seek of promotions and better prices. 22 “Philippines consumer pulse survey, 2023,” McKinsey, November 2023.

Online shopping has become entrenched in Filipino consumers, as they find that they get access to a wider range of products, can compare prices more easily, and can shop with more convenience. For example, a McKinsey Philippines consumer sentiment survey in 2023 found that 80 percent of respondents, on average, use online and omnichannel to purchase footwear, toys, baby supplies, apparel, and accessories. To capture the opportunity that this shift in Filipino consumer preferences brings and to unlock growth in this sector, retail organizations could turn to omnichannel strategies to seamlessly integrate online and offline channels. Businesses may need to explore investments that increase resilience across the supply chain, alongside researching and developing new products that serve emerging consumer preferences, such as that for natural ingredients and sustainable sources.

Manufacturing

Manufacturing is a key contributor to the Philippine economy, contributing approximately 19 percent of GDP in 2022, employing about 7 percent of the country’s labor force, and growing in line with GDP at approximately 6 percent between 2023 and 2024. 23 McKinsey analysis based on input from industry experts.

Some changes could be seen in 2024 that might affect the sector moving forward. The focus toward building resilient supply chains and increasing self-sufficiency is growing. The Philippines also is likely to benefit from increasing regional trade, as well as the emerging trend of nearshoring or onshoring as countries seek to make their supply chains more resilient. With semiconductors driving approximately 45 percent of Philippine exports, the transfer of knowledge and technology, as well as the development of STEM capabilities, could help attract investments into the sector and increase the relevance of the country as a manufacturing hub. 24 McKinsey analysis based on input from industry experts.

To secure growth, public and private sector support could bolster investments in R&D and upskill the labor force. In addition, strategies to attract investment may be integral to the further development of supply chain infrastructure and manufacturing bases. Government programs to enable digital transformation and R&D, along with a strategic approach to upskilling the labor force, could help boost industry innovation in line with Industry 4.0 demand. 25 Industry 4.0 is also referred to as the Fourth Industrial Revolution. Priority products to which manufacturing industries could pivot include more complex, higher value chain electronic components in the semiconductor segment; generic OTC drugs and nature-based pharmaceuticals in the pharmaceutical sector; and, for green industries, products such as EVs, batteries, solar panels, and biomass production.

Information technology business process outsourcing

The information technology business process outsourcing (IT-BPO) sector is on track to reach its long-term targets, with $38 billion in forecast revenues in 2024. 26 Khriscielle Yalao, “WHF flexibility key to achieving growth targets—IBPAP,” Manila Bulletin , January 23, 2024. Emerging innovations in service delivery and work models are being observed, which could drive further growth in the sector.

The industry continues to outperform headcount and revenue targets, shaping its position as a country leader for employment and services. 27 McKinsey analysis based in input from industry experts. Demand from global companies for offshoring is expected to increase, due to cost containment strategies and preference for Philippine IT-BPO providers. New work setups continue to emerge, ranging from remote-first to office-first, which could translate to potential net benefits. These include a 10 to 30 percent increase in employee retention; a three- to four-hour reduction in commute times; an increase in enabled talent of 350,000; and a potential reduction in greenhouse gas emissions of 1.4 to 1.5 million tons of CO 2 per year. 28 McKinsey analysis based in input from industry experts. It is becoming increasingly more important that the IT-BPO sector adapts to new technologies as businesses begin to harness automation and generative AI (gen AI) to unlock productivity.

Talent and technology are clear areas where growth in this sector can be unlocked. The growing complexity of offshoring requirements necessitates building a proper talent hub to help bridge employee gaps and better match local talent to employers’ needs. Businesses in the industry could explore developing facilities and digital infrastructure to enable industry expansion outside the metros, especially in future “digital cities” nationwide. Introducing new service areas could capture latent demand from existing clients with evolving needs as well as unserved clients. BPO centers could explore the potential of offering higher-value services by cultivating technology-focused capabilities, such as using gen AI to unlock revenue, deliver sales excellence, and reduce general administrative costs.

Sustainability

The Philippines is considered to be the fourth most vulnerable country to climate change in the world as, due to its geographic location, the country has a higher risk of exposure to natural disasters, such as rising sea levels. 29 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021. Approximately $3.2 billion, on average, in economic loss could occur annually because of natural disasters over the next five decades, translating to up to 7 to 8 percent of the country’s nominal GDP. 30 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021.

The Philippines could capitalize on five green growth opportunities to operate in global value chains and catalyze growth for the nation:

  • Renewable energy: The country could aim to generate 50 percent of its energy from renewables by 2040, building on its high renewable energy potential and the declining cost of producing renewable energy.
  • Solar photovoltaic (PV) manufacturing: More than a twofold increase in annual output from 2023 to 2030 could be achieved, enabled by lower production costs.
  • Battery production: The Philippines could aim for a $1.5 billion domestic market by 2030, capitalizing on its vast nickel reserves (the second largest globally). 31 “MineSpans,” McKinsey, November 2023.
  • Electric mobility: Electric vehicles could account for 15 percent of the country’s vehicle sales by 2030 (from less than 1 percent currently), driven by incentives, local distribution, and charging infrastructure. 32 McKinsey analysis based on input from industry experts.
  • Nature-based solutions: The country’s largely untapped total abatement potential could reach up to 200 to 300 metric tons of CO 2 , enabled by its biodiversity and strong demand.

The Philippine economy: Three scenarios for growth

Having grown faster than other economies in Southeast Asia in 2023 to end the year with 5.6 percent growth, the Philippines can expect a similarly healthy growth outlook for 2024. Based on our analysis, there are three potential scenarios for the country’s growth. 33 McKinsey analysis in partnership with Oxford Economics.

Slower growth: The first scenario projects GDP growth of 4.8 percent if there are challenging conditions—such as declining trade and accelerated inflation—which could keep key policy rates high at about 6.5 percent and dampen private consumption, leading to slower long-term growth.

Soft landing: The second scenario projects GDP growth of 5.2 percent if inflation moderates and global conditions turn out to be largely favorable due to a stable investment environment and regional trade demand.

Accelerated growth: In the third scenario, GDP growth is projected to reach 6.1 percent if inflation slows and public policies accommodate aspects such as loosening key policy rates and offering incentive programs to boost productivity.

Focusing on factors that could unlock growth in its seven critical sectors and themes, while adapting to the macro-economic scenario that plays out, would allow the Philippines to materialize its growth potential in 2024 and take steps towards achieving longer-term, sustainable economic growth.

Jon Canto is a partner in McKinsey’s Manila office, where Frauke Renz is an associate partner, and Vicah Villanueva is a consultant.

The authors wish to thank Charlene Chua, Charlie del Rosario, Ryan delos Reyes, Debadrita Dhara, Evelyn C. Fong, Krzysztof Kwiatkowski, Frances Lee, Aaron Ong, and Liane Tan for their contributions to this article.

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    The Tourism Development Department (TDD), Ministry of Information, Culture and Tourism publishes annually tourism statistics relating to tourist arrivals, foreign exchange earnings from tourism, tourist expenditures, the average length of stay of tourists in Laos as well as tourist profiles, accommodation establishments and occupancy rates.

  14. Lao Tourism Statistical Report in 2021_English

    The Tourism Development Department (TDD), Ministry of Information, Culture and Tourism together with the Provincial Information, Culture and Tourism Department publishes annually tourism statistics relating to tourist arrivals, foreign exchange earnings from tourism, tourist expenditures, the average length of stay of tourists in Laos as well as...

  15. Travel & Tourism

    The average revenue per user (ARPU) is expected to be US$130.30. In terms of online sales, 68% of total revenue in the Travel & Tourism market in Laos is expected to be generated through online...

  16. Laos Tourism Statistic Report in 2019_English

    Laos Tourism Statistic Report in 2019_English. Updated on 25/05/2021 Article Attachments.pdf. Statistical Report on Tourism 2019 2 MB Was this article helpful? Yes No. Related Articles. Lao Tourism Statistical Report in 2022_Lao; Lao Tourism Statistical Report in 2021_Lao;

  17. International tourism, receipts (current US$)

    International tourism, receipts (current US$) - Lao PDR World Tourism Organization, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files. License : CC BY-4.0 LineBarMap Also Show Share Details Label 1995 - 2020

  18. Laos

    The tourism industry in Laos is developing rapidly, with several five-star resorts open or expected to open in the coming years. The major tourist destination is the world heritage site and ancient capital of Luang Prabang, but other areas including Champasak province and Vang Vieng also attract visitors, especially Chinese and Korean tourists.

  19. Tourism in Laos

    Tourism in Laos is governed by a ministry-level government agency, the Lao National Tourism Administration (LNTA). Statistics [ edit ] Annual statistics [ edit ]

  20. Forecasted year-on-year change of ITAs in Laos 2019-2023

    Published by S. Ganbold , Apr 28, 2023. For 2020, it was forecasted that the year-on-year change of international visitor arrivals (IVAs) in Laos will reach 11 percent, amounting to approximately ...

  21. Downloads

    The Tourism Development Department (TDD), Ministry of Information,The Culture and Tourism publishes annually tourism statistics relating to tourist arrivals, foreign exchange earnings from tourism, tourist expenditures, the average length of stay of tourists in Laos as well as tourist profiles, accommodation establishments and occupancy rates.

  22. Visit Laos-China Year 2019 Enhancing Cultural and Economic ...

    The Lao Government predicts that there will be over 6.2 million tourists, almost the same with population size, to visit the country in 2020 and its tourism revenue will reach 1 billion U.S. dollars.

  23. Laos Tourism Revenues

    Tourism Revenues in Laos increased to 264.50 USD Million in 2022 from 0 USD Million in 2021. Tourism Revenues in Laos averaged 293.94 USD Million from 1993 until 2022, reaching an all time high of 934.70 USD Million in 2019 and a record low of 0.00 USD Million in 2021. source: Bank of the Lao PDR. Tourism Revenues in Laos increased to 264.50 ...

  24. The Philippines economy in 2024

    The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 "National accounts," Philippine Statistics Authority, January 31, 2024; "Philippine economic updates," Bangko Sentral ng Pilipinas, November 16, 2023. ...

  25. China extends visa-free entry to four more European ...

    In 2023, China recorded 35.5 million entries and exits by foreigners, according to immigration statistics. That compares to 97.7 million for all of 2019, the last year before the pandemic.